New federal housing law takes effect, aiming to boost affordable homeownership and housing supply in Georgia
A new federal housing law took effect July 11, with supporters saying it could help make homeownership more affordable while increasing the nation's housing supply, including in Georgia.
The bipartisan legislation, known as the 21st Century ROAD to Housing Act, is designed to streamline permitting, expand financing opportunities and curb some large-scale corporate and investor home purchases that lawmakers say have made it harder for families to buy homes.
The president of the Atlanta Neighborhood Development Partnership (ANDP) said the law is an important step forward, but its long-term success will depend on cooperation between federal, state and local leaders.
"Having a bipartisan bill focused on housing affordability signals to the nation that our elected officials really do care about our day-to-day lives and how we're able to thrive," said O'Mard.
Housing affordability has become one of metro Atlanta's biggest challenges. According to the Atlanta Regional Commission, nearly 30% of Atlanta residents say the cost of housing is the city's biggest problem.
The shortage is especially severe in Fulton County. According to the Georgia Public Policy Foundation, the county faces an estimated housing deficit of about 80,000 homes.
Even with that shortage, O'Mard said metro Atlanta has made meaningful progress in recent years to increase housing opportunities, even as the region's population continues to grow.
"Even as we continue to grow, there has been a ton of progress over the last five to six years with respect to strengthening our resources and helping accelerate housing supply," O'Mard said. "But as we create those opportunities, we are still very much in growth mode."
He pointed to partnerships between ANDP and single-family home investors that give the nonprofit an opportunity to purchase homes before they're sold on the open market.
"ANDP has entered into a couple of partnerships with single-family investors where we have a first-look opportunity at recapturing homes that we can then rehabilitate and prepare not only for rental opportunities, but also for pathways to homeownership for families," O'Mard said.
While he acknowledged the legislation is not a complete solution, O'Mard said it represents meaningful progress toward expanding affordable homeownership for future generations.
"Our last wealth study demonstrated that, on average, our homebuyers who remained in their homes for more than five years generated about $191,000 in equity," he said. "Those are resources they can use to pass on to their families."
The 21st Century ROAD to Housing Act took effect without President Donald Trump's signature after Congress approved the measure. The White House allowed the bill to become law without a signature while continuing negotiations over separate election and voter identification legislation.
